A new apartment tower will soon be coming to downtown Atlanta, bringing more than 300 residential units to the epicenter of the city’s traditionally business-oriented core.
The 14-story building will rise atop an existing parking deck that is home to Agatha’s mystery dinner theater on Peachtree Center Avenue, behind the 191 Peachtree building. The project is moving forward thanks to a $9 million grant from Invest Atlanta, with the money coming from the Eastside Tax Allocation District.
Funding guarantees that 20 percent of the units in the building will be made available as workforce housing.
Plans call for 63 studios, each approximately 680 square feet; 163 one-bedroom units, each approximately 825 square feet; and 76 two-bedroom units, each approximately 1,240 square feet.
Rents for market-rate units will start at a pretty staggering $1,900 a month and run up to more than $3,100 for the two-bedroom units. The 60 units set aside for those making less than 80 percent of the median household income for the neighborhood still won’t come cheap, ranging from $1,000 a month to nearly $1,300.
A site plan shows the building will feature a pool atop the parking deck, embedded among a planted outdoor space.
The $90 million project is being built by Banyan Street Capital, the owner of Peachtree Center, in partnership with multifamily developer Greystar.
Construction is expected to begin as soon as January.